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Got a older non-HDMI Yamaha receiver which my wife got me several years ago as a gift.
We just recently upgraded our TV to HDTV and got Digital Satellite, and a BDP 1400 blu ray player to see the HD content. Problem is that the HDTV only had 1 HDMI input and my Yamaha did not have any HDMI capability and I wanted to switch the HDMI and also route the Toslink audio to the Yamaha.
Tried to explain this to the sales guy at the local electronics retailer, but they just tried to sell me a $1200 Denon HDMI system.
I got a hold of a HDMI switch with Toslink switching unit and it does everything i wanted and the picture quality is fabulous. And I got to keep my Yamaha for sentimental reasons and felt good that it did not have to go to the landfill.
Do you want a new receiver? Or do you just want HDMI switching? Is HDMI audio something you also want or are contemplating changing? You could always buy a separate switcher, or a receiver with just HDMI video switching, or you could get a new receiver with full video and audio processing including the new HD audio formats. Really there are many options to choose from. Also if you have questions about HDMI vs. Toslink, my inclination is that HDMI audio is better if your receiver has tight and positive HDMI connections and you get a decent HDMI cable, like one that is solid core at least.
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If your amp doesn't have enough dynamic headroom to play metal then it wasn't worth buying.